What Civil Forfeiture really means to customers

The Iraqi Dinar “thing” is heating up more than the grains of sand on a summer day in the desert. You might want to pay attention here even though you might not sell or deal with foreign currencies… it’s about Civil Forfeiture and the power the government has to stop any person or business first, then take the time to further their investigation and build their case. In a large percentage of the cases, this probably proves helpful to customers and consumers.

Get caught in the middle, and you might be forever closed for business.

Sterling Currency Management wrote an open letter to customers waiting for a response on what has happened to their recent purchases and their reserves (a little like layaways).

For those people unfamiliar with this topic… people in the Forex market, Dinar, Gold, Silver and others currencies and commodities… “play” in this sandbox. Just another reminder, of the challenges of any industry and any market and what happens when the US Government suspects something… suspicious.

When the government suspects something, they put everything on hold… freezing assets, money, property etc. No money or products in, no money or products out. And there’s not a rush to resolve this on the government’s part.

It’s called Civil Forfeiture in some instances.

Sterling Currency Management send this letter to their customers.
We don’t know all the details… but there’s all sides to the story I am sure. Here’s the letter:

Dear Sterling Customers,

We are writing to give you an update on the civil forfeiture seizure of the U.S. Currency and Iraqi dinars seized from Sterling on June 3, 2015. As we have previously explained, Sterling Currency Group has been working diligently to convince the government to release the dinars that you ordered and/or purchased so that they could be delivered to you or (alternatively) to release the money that you paid for your currency so that it could be refunded to you. Sterling and it’s counsel have clearly explained to the government that much of the funds seized from Sterling on June 3, 2015 belong to you, our customers.
We have further explained the damage caused to you and the hardship/disappointment it has created for you. We have explained that Sterling has the customer information, expertise, procedures and processes in place to responsibly take care of our customers who had open orders as of June 3, 2015. We have offered to submit to any government accountability options in order to return funds to Sterling customers. Despite our repeated requests, the government is unwilling to let us refund your payments or deliver the currency that you purchased. We are truly sorry that this has happened to you.
Unfortunately, we do not believe the government attorneys will change their minds. You may consider filing a claim with the United States District Court for the Northern District of Georgia. The case number is 1:15-CV-2677. You may wish to send a letter explaining why you chose to purchase dinar and request the order be completed, or may choose to request a refund of the money you sent to Sterling.

Please know that we are working tirelessly not only to defend the suit, but to meet the needs of our customers. It is important to remember that the only legal action the government has taken is a civil forfeiture, which only requires probable cause to believe a crime was committed. A recent article from the Wall Street Journal explains the civil forfeiture process. We believe the government’s allegations are unfounded and we are vigorously defending the lawsuit.
Thank you for being loyal Sterling Customers and, again, we are sorry that the government’s action against Sterling Currency Group has impacted you and your families. If/when Sterling is successful in its recovery efforts, Sterling will work diligently and responsibly to complete your order or refund your purchase. We appreciate your patience and understanding as Sterling attempts to overcome the government actions that have hampered Sterling’s ability to exercise the level of service it has provided for over 10 years.